Gold and Silver Prices Decline: Latest Rates Across Major Cities
Current Gold and Silver Prices
In a positive turn for gold buyers, the price of gold has decreased, with 24-carat gold recorded at a lower rate on Friday, May 30. The 22-carat gold, favored by jewelers for its strength, is now priced at Rs 88,940 for every 10 grams.
As per Good Returns, the cost of 24-carat gold has fallen, with 10 grams available for Rs 97,030. Additionally, silver prices have also dropped, currently standing at Rs 99,800 per kilogram.
In major cities like Mumbai, the price for 10 grams of 24-carat gold matches that of Kolkata, Chennai, and Hyderabad at Rs 97,030. In Delhi, the same quantity is priced slightly higher at Rs 97,180.
For 22-carat gold, the price in Mumbai is Rs 88,940, consistent with rates in Kolkata, Bengaluru, Chennai, and Hyderabad. In Delhi, it is priced at Rs 89,090.
Silver prices remain uniform in Delhi, Mumbai, and Kolkata at Rs 99,800 per kilogram, while in Chennai and Hyderabad, it is priced at Rs 1,10,800.
Gold Prices in Key Cities
| City |
Gold Price (22-Carat/10 gm) | Gold Price (24-Carat/10 gm) | Silver Price (Rs/kg) |
| Delhi | Rs 89,090 | Rs 97,180 | Rs 99,800 |
| Noida | Rs 89,090 | Rs 97,180 | Rs 99,800 |
| Lucknow | Rs 89,090 | Rs 97,180 | Rs 99,800 |
| Mumbai | Rs 88,940 | Rs 97,030 | Rs 99,800 |
| Bengaluru | Rs 88,940 | Rs 97,030 | Rs 99,800 |
| Chennai | Rs 88,940 | Rs 97,030 | Rs 1,10,800 |
| Pune | Rs 88,940 | Rs 97,030 | Rs 99,800 |
| Ahmedabad | Rs 88,990 | Rs 97,080 | Rs 99,800 |
| Kolkata | Rs 88,940 | Rs 97,030 | Rs 99,800 |
| Hyderabad | Rs 88,940 | Rs 97,030 | Rs 1,10,800 |
Factors Influencing Gold Prices in India
Gold prices in India are not solely determined by local demand and supply, as many believe. Instead, they are heavily influenced by trading activities in significant global markets, such as the London OTC spot market and the COMEX gold futures market.
Moreover, various factors including global events, political developments, decisions made by central banks, and fluctuations in currency values can also impact the pricing of this precious metal.
How to Verify Gold Purity
Here are some effective methods to check the purity of gold:
1. Look for a hallmark: The most reliable method is to check for a hallmark. 22-carat gold, also referred to as 916 gold, will have a hallmark stamp indicating 916.
2. Check for the BIS Standard Mark: You can find a triangle with the letters 'BIS' on all jewelry to confirm the gold's purity.
3. Conduct an acid test: Under proper guidance, an acid test can be performed using nitric acid to assess the gold's purity.
4. Color test: Pure gold retains its yellow color and does not tarnish.